ORONO, Maine — The University of Maine System’s Board of Trustees recently held a special investment meeting to address growing pressure from a student organization.
The meeting was held to address requests from the student organization Divest UMS to move away from the university’s investment in fossil fuels.
“Divesting in fossil fuels and reinvesting in more ethical and sustainable industries is ethical, it is a good decision for our futures and it is also more financially viable in the long run for the universities,” Tamra Benson of Divest UMS said.
The Board of Trustees has committed to divest all $14 million the university has invested in fossil fuels.
As of May 10, about 10 percent of all investments have been divested with the goal of no new investments by 2030.
Students that are a part of Divest UMS say they were shocked when they heard of the board’s commitment and said most student-driven divest groups don’t usually get through to their boards.
“I really didn’t find out about this until I was on the phone with Robbie Feinberg from NPR, and he was asking for comment and I hadn’t even read it yet because it had just gone through and I hadn’t watched the meeting," Charlie Cooper of Divest UMS exclaimed. "It was definitely really exhilarating.”
Divest UMS also presented a reinvestment plan to the board.
That plan focuses on more sustainable and ethical industries that benefit the environment and social justice.